When you get the idea that you want to better yourself, having a business is a wonderful way to break free and begin again. Having a store online with multiple products is a great way to begin. But what if you have bad credit haunting you? How will you ever get a merchant account with bad credit, also known as a bad credit merchant account? You may get turned down and you may never get your dream off the runway.
Don’t despair
When the economy tanked and everyone suffered in one form or another, businesses in the merchant account arena, heard your cries of disgust and frustration. They pulled their assets together and decided enough was enough. Banks aren’t loaning anything and people started turning to other resources to help them get back on their feet.
Online
There are virtually thousands of merchant account servicers out there. They have set up accounts just for those with bad credit. You may be in a high risk pool for a while because of your credit, but if you are like everyone else, you just need a chance to prove to yourself and the merchant account servicer, that you are a good risk. You may have fallen on your face because of circumstances beyond your control, but if you work hard, then everything for this e-commerce store will fall into place.
Time for you to go shopping
Find all the merchant account servicers that you can and compare their packages to one another. Find the one’s that will work with your e-commerce store idea and with bad credit. Find out what their requirements are and figure out which one will work best for you. Then start by asking them questions and pursue any kinks in your business plan. Be prepared for a higher interest rate and per transaction fee. Adjust your income for what will be held back for your trial period for chargebacks. Those are the possible refunds that may happen in your business.
Don’t fret
Your chargeback money will be in an escrow account for the first three to six months, as you go through your trial period of new operations. As you prove yourself to your merchant account servicer, they will return the money to you in full. Just work really hard at taking care of refunds yourself, and it won’t endanger your merchant account at all.
It might be hard
It might be difficult at first as you establish yourself as an online merchant. But if you keep at it, take things seriously, follow up with issues and work with your merchant account servicer, they will take care of you. You just have to go the extra mile to straighten out that credit of yours, and if you have the gumption to start a new business, then you have the strength to see this thing through to the positive results.
Do all your research and your due diligence to find what will work for you and your new business. Good luck!
